Domestic Equity Market traded lower on Wednesday as fears of strict lockdown measures in many European countries spooked investors after coronavirus cases surged at a rapid pace.
The BSE Sensex tanked 599.64 points or 1.48% to 39,922.46 levels .4 out of 30 stocks were in advance while 26 stocks were in decline. It touched intraday high of 40,664.35 and a low of 39,774.60.
The NSE's Nifty ended at 11,729.60, down 159.80 points, or 1.34 per cent.9 out of 50 stocks were in advance while 41 stocks were in decline. It touched intraday high of 11,929.40 and low of 11,684.85.
On Sectoral Front, all the indexes were in red. Bank Index bleed the most with a loss of 2.17% followed by Realty, Phrama, Metal, Media, IT, FMCG, Energy, Auto Indexes having a loss of 2.03%,1.45%, 1.45%, 1.43%, 1.01%, 0.71%, 0.43%, 0.10% respectively.
On BSE, Shares of Bharti Airtel, Mahindra & Mahindra, Maruti, L & T were the gainers with a gain of 4.26%,1.17%,0.33%,0.12% respectively while shares of IndusInd Bank,HDFC,ICICI Bank,Tech Mahindra, Bajaj Finance,Ultratech Cement,HDFC Bank ,Kotak Bank were the losers with a loss of 3.45%,3.44%,3.34%,3.00%,2.41%,2.39%, 2.27%, 2.25% respectively.
On NSE, shares of Bharti Airtel,UPL,Mahindra & Mahindra,Eicher Motors, Hero Moto corp,L & T, Wipro, Maruti, Bajaj Finserv, IOC ,HDFC Life were the gainers with a gain of 3.32%, 2.72%, 1.31%, 1.12%, 0.93%, 0.41%, 0.28%, 0.20%, 0.05% respectively while shares of HDFC, Dr.Reddy, IndusInd Bank, Adani Ports, ICICI Bank,Tech Mahindra ,Ultratech Cement, Bajaj Finance, Shree cement were the losers with a loss of 3.54%, 3.22%, 3.18%, 3.13%,3.105, 2.77%,2.42%, 2.35%, 2.31% respectively.
Asian shares headed lower Wednesday on worries about rising virus counts and Washington’s inability to deliver more aid to the economy.
European stocks fell for a third-straight session on Wednesday as investors juggled another busy earnings day and braced for more restrictions to come from rising coronavirus cases on the continent.
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Bharti Airtel gained nearly 4% after NSDL increased FOL limit to 100% from 49% later clarified that Bharti’s foreign investment limit for the time being will be monitored at 49%.
Hero Moto Corp gained nearly 1% after the company entered into an agreement with US-based Harley Davidson for sale and service of the latter's premium motorcycles in India.
Maruti Suzuki reported a little gain on today’s session as the company sold 95,000 cars during the 10 days of Navrarti season of 2020; as compared to 60,000-65,000 cars sold in the same period of last year.
Shares of Dr. Reddy fell over 3% as the company reported a 30.2 percent year-on-year decline in consolidated profit in the September quarter.